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Stock Market & Financial Investment News

News Breaks
June 16, 2014
16:07 EDTWEXWEX Inc. to Acquire Evolution1 for $532.5M cash
WEX Inc. announced a definitive agreement to acquire and Evolution1, a leader in cloud-based technology and payment solutions in the healthcare industry, for $532.5M in cash. The deal will be funded through cash on hand and WEX’s existing credit facility. This transaction is expected to generate approximately $42M in present value of tax benefits to WEX and is expected to be accretive to adjusted net income in the first 12 months after close, excluding acquisition costs. The transaction, which has been unanimously approved by the boards of directors of both companies, is subject to regulatory approvals and other customary closing conditions and is expected to close in the third quarter of this year.
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July 17, 2014
07:31 EDTWEXWEX signs definitive purchase agreement regarding Exxon's Esso Card program
WEX Inc. (WEX) announced the execution of the definitive purchase and sale agreement relating to the previously announced proposed acquisition of ExxonMobil’s (XOM) European commercial fuel card, or Esso Card, program through a majority owned joint venture, WEX Europe Services Limited. In addition, all necessary regulatory approvals have been received and the employee information and consultation processes have been cleared. The transaction is on track and is expected to close in late 2014 or early 2015. “The purchase of the Esso Card portfolio remains an important element to building our on-the-ground presence in the European market, and enhances WEX’s long-term growth profile. Our efforts to advance this transaction remain on track and position us to create a substantial and profitable European footprint,” said Melissa Smith, WEX’s president and CEO.
July 15, 2014
07:30 EDTWEXWEX Inc. signs prepaid fuel card processing agreement with Shell
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